Asian American buying power currently at $825 billion

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Asian American buying power currently at $825 billion

Still the nation’s fastest-growing population segment, Asian-Americans are about 20.5 million strong and represent 6% of the U.S. population. From 2009-2014, the Asian-American population grew 25%. With immigration from Asian countries continuing to boost the American population, U.S. Census projections show the Asian-American population will reach 25.7 million by 2019.

Asian-Americans have the third-largest spending prowess of all multicultural groups, at $825 billion. Put another way, Asian-American buying power in the U.S. is greater than the economies of all but 17 countries worldwide, and slightly greater than the gross domestic product (GDP) of Turkey, according to the Selig Center for Economic Growth, The Multicultural Economy 2015. Their current buying power is expected to increase 32% to $1.1 trillion–or 6.7% of total U.S. buying power—by 2020.

Asian-Americans are a very diverse group, representing more than 40 countries of origin. Asians of Chinese ancestry are the largest group, comprising 20% of the Asian-American population in the U.S. South-Asian Indians (17%), Filipinos (16%), Vietnamese (9%), Koreans (9%) and Japanese (6%) are the next-largest ethnic groups. Multiracial groups are also among the most rapidly expanding segments of Asian-Americans, making up 18% of the total Asian-American population in 2014.